The Australian dollar is slightly higher after it was taken on a roller coaster ride over the past 24 hours.
The currency dropped yesterday afternoon to an almost three-year low of 94.35 US cents, but in offshore trade last night it gained almost two US cents before backtracking.
At 5pm today, the local unit was trading at 95.04 US cents, up from 94.79 cents yesterday.
"Currency markets have not been for the faint of heart this week with large intraday moves becoming the norm," CMC Markets foreign exchange dealer Tim Waterer said.
Last night, after a European Central Bank meeting ECB president Mario Draghi indicated the bank had no intention of implementing further stimulus measures to support the euro zone economy at this stage.
Mr Waterer said the Australian dollar rallied on the hawkish ECB tone but it ran out of buyers during the local session today.
